ALLETE (NYSE:ALE – Get Rating) had its target price raised by Wells Fargo & Company from $60.00 to $67.00 in a research report released on Wednesday, The Fly reports. The firm currently has an equal weight rating on the utilities provider's stock.
Other equities research analysts have also recently issued reports about the stock. TheStreet upgraded shares of ALLETE from a c+ rating to a b- rating in a report on Friday, December 2nd. Guggenheim cut their price objective on shares of ALLETE from $66.00 to $53.00 in a research report on Monday, October 24th. JPMorgan Chase & Co. raised shares of ALLETE from an underweight rating to a neutral rating and set a $65.00 price objective for the company in a research report on Thursday, November 17th. Mizuho upped their price objective on shares of ALLETE from $50.00 to $65.00 and gave the company a neutral rating in a research report on Friday, December 9th. Finally, Bank of America raised shares of ALLETE from a neutral rating to a buy rating and upped their price objective for the company from $53.00 to $66.00 in a research report on Monday, November 14th. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of Hold and an average target price of $63.20.
Get ALLETE alerts:ALLETE Trading Down 0.7 %
Shares of NYSE:ALE opened at $65.01 on Wednesday. The stock has a market capitalization of $3.72 billion, a PE ratio of 17.67, a P/E/G ratio of 1.87 and a beta of 0.75. ALLETE has a 1 year low of $47.77 and a 1 year high of $68.61. The firm has a fifty day moving average price of $58.76 and a 200 day moving average price of $59.10. The company has a current ratio of 1.02, a quick ratio of 0.35 and a debt-to-equity ratio of 0.49.
ALLETE (NYSE:ALE – Get Rating) last released its quarterly earnings results on Wednesday, November 9th. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.70 by ($0.11). ALLETE had a net margin of 12.92% and a return on equity of 6.23%. The firm had revenue of $388.30 million for the quarter, compared to the consensus estimate of $361.20 million. Analysts expect that ALLETE will post 3.75 EPS for the current fiscal year.ALLETE Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, December 1st. Investors of record on Tuesday, November 15th were given a $0.65 dividend. This represents a $2.60 annualized dividend and a yield of 4.00%. The ex-dividend date of this dividend was Monday, November 14th. ALLETE's dividend payout ratio (DPR) is presently 70.65%.
Institutional Inflows and Outflows
Several hedge funds have recently added to or reduced their stakes in ALE. Northwestern Mutual Wealth Management Co. raised its position in ALLETE by 421.9% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 381 shares of the utilities provider's stock worth $26,000 after purchasing an additional 308 shares in the last quarter. Quadrant Capital Group LLC raised its position in ALLETE by 41.8% in the third quarter. Quadrant Capital Group LLC now owns 563 shares of the utilities provider's stock worth $28,000 after purchasing an additional 166 shares in the last quarter. SeaCrest Wealth Management LLC acquired a new position in ALLETE in the second quarter worth about $29,000. BerganKDV Wealth Management LLC increased its holdings in shares of ALLETE by 73.8% during the third quarter. BerganKDV Wealth Management LLC now owns 944 shares of the utilities provider's stock worth $47,000 after buying an additional 401 shares in the last quarter. Finally, Venture Visionary Partners LLC acquired a new stake in shares of ALLETE during the second quarter worth approximately $51,000. Institutional investors and hedge funds own 77.64% of the company's stock.
About ALLETE
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ALLETE, Inc operates as an energy company. The company operates through Regulated Operations, ALLETE Clean Energy, and Corporate and Other segments. It generates electricity from coal-fired, biomass co-fired / natural gas, hydroelectric, wind, and solar. The company provides regulated utility electric services in northwestern Wisconsin to approximately 15,000 electric customers, 13,000 natural gas customers, and 10,000 water customers, as well as regulated utility electric services in northeastern Minnesota to approximately 145,000 retail customers and 15 non-affiliated municipal customers.
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